Dubai signs power purchase agreement for 900MW solar project
The Acwa Power consortium, which also includes Kuwait’s Gulf Investment Corporation (GIC), was selected as the preferred bidder for the project in November having submitted a world record tariff of $cents1.6953 per kilowatt-hour (kWh)
Dubai Electricity & Water Authority (Dewa) has signed a power purchase agreement (PPA) with Saudi Arabia’s Acwa Power for the 900MW fifth phase of Dubai’s Mohammed bin Rashid (MBR) solar park.
The PPA was signed by HE Saeed Mohammed al-Tayer, MD & CEO of Dewa, and Mohammad Abunayyan, chairman of Acwa Power, via a video conference.
The Acwa Power consortium, which also includes Kuwait’s Gulf Investment Corporation (GIC), was selected as the preferred bidder for the project in November having submitted a world record tariff of $cents1.6953 per kilowatt-hour (kWh).
Dewa established a special purpose vehicle (SPV), Shuaa Energy 3, to develop and operate and maintain the 900MW photovoltaic (PV) solar plant. Dewa will hold a 60 per cent stake in the company, with the Acwa Power consortium holding the remaining 40 per cent.
The MBR solar park is planned to have a total installed capacity of 5,000MW by 2030. The park currently has 1,013MW of PV solar capacity under operation, with 1,850MW of PV and concentrated solar power (CSP) capacity currently under construction.
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